Record-High Gas Prices Threaten Labor Day Weekend Travel

As Americans prepare to hit the road for Labor Day weekend, they'll be facing record-high gasoline prices. According to GasBuddy analyst Patrick De Haan, the national average price will likely surpass $4 per gallon by Labor Day, exceeding the previous record of $3.83 set in 2012. The current national average is around $4.13 per gallon, a dollar higher than last year's average.

The high prices are largely due to ongoing concerns about disruptions to global crude supplies, which have pushed up crude oil prices and refined products. Attacks on Russian refineries have tightened fuel inventories across the board, while the war in the Middle East has also contributed to the increase in energy costs.

For many consumers, the pain point is a national average price of $4 per gallon. 'It's completely out of control,' said Randi O'Brien, who fills up her truck at a Phillips 66 near Evergreen, Colorado. O'Brien partially blames high prices on the rise in crude and fuel exports from the U.S.

With gasoline prices becoming a persistent concern for President Donald Trump and his Republican Party, analysts say there are few operational and policy levers that can be pulled to boost fuel supplies. The government has already extended the Jones Act waiver and ended summer-blend gasoline requirements early in an attempt to cap prices.